APL parent reports $282 million profit
NOL Group, the parent of container carrier APL, reported third quarter net profit of $282 million, a turnaround from a $139 million net loss in the third quarter of 2009.
NOL said third quarter revenue improved 55 percent to $2.4 billion. Revenue per 40-foot equivalent unit on all trades was $3,120, 41 percent more than in the same 2009 period.
'Strong demand and an improved rate environment have helped us turn around our performance,' said Ronald D. Widdows, chief executive officer. 'Our emphasis at this point is on operating efficiency and cost containment to ensure that we maintain our momentum.'
The company said NOL Group is expected to remain profitable for the full year in 2010.
Third quarter revenue for APL improved 60 percent to $2.2 billion, and the company handled 655,000 FEUs, 12 percent more than in the third quarter of 2009.
'Volume and rates improved across most of our major trade lanes, and our ships were full,' said APL President Eng Aik Meng. 'At the same time, we were well-prepared with vessel capacity and container equipment to meet our customer commitments.'
APL Logistics, NOL Group's supply chain management business, reported third quarter revenue of $302 million, up 30 percent from the third quarter of 2009.
'Volumes increased in most of our business lines and freight rates improved in International Logistics,' said APL Logistics President Jim McAdam. 'The result has been a continuation of the revenue growth we've realized throughout 2010, indicating a return to pre-economic downturn levels.'